The NCLAT, in its September 6 order, had halted the Rs 3,335 crore resolution plan put forth by the consortium, which is the successful bidder for the bankrupt firm
The company said in a statement that the total financial commitment of the promoters to the project is Rs 7,097 crore, including Rs 5,847 crore offered as settlement to banks
The Competition Commission of India (CCI) on Tuesday said it has approved a proposal to acquire a 100 per cent stake in Coastal Energen Pvt Ltd by Adani Power Ltd and Dickey Alternative Investment Trust. Adani Power Ltd (APL), a part of the diversified Adani Group, is the leading private-sector thermal power producer in India. The proposed transaction involves the acquisition of 100 per cent equity share capital of Coastal Energen Pvt Ltd (CEPL) by the acquirers (Dickey Alternative Investment Trust (DAIT) and APL), according to a release by fair trade regulator CCI. DAIT is a Sebi-registered Alternative Investment Fund (AIF). It is acting through its investment manager Dickey Asset Management Pvt Ltd. CEPL is engaged in the business of generation and sale of power. The company is undergoing a Corporate Insolvency Resolution Process (CIRP) under the insolvency and bankruptcy code. The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair
In a regulatory filing on Sunday, Adani Power Ltd said LoI from resolution professional was received Saturday after CEPL's committee of creditors approved resolution plan submitted by consortium
SBI-led lenders had taken over the firm after it failed to repay Rs 6,000 cr; while Adani emerged as final bidder for the project, the I-T-tainted ETA Star Group now offers to buy its project back
The thermal power plant was one of the projects for which the state government signed an MoU in September 2015, claiming an investment of Rs 156.20 billion, during the Global Investors Meet